Smarter Ledgers - How BAFT Is Changing Payment Commitments, How DLT Payment Commitments Will Change Trade
Webinar - UK, USA & Switzerland

The paper-based process of international trade and trade finance, along with many other commercial transactions, is staff intensive, cumbersome, susceptible to fraud, and costly. Widespread efforts to convert paper documentation into digital form to address these issues have had to contend with both technological and legal barriers. In an effort that culminated last year, the Bankers Association for Finance and Trade (BAFT) saw an opportunity to significantly “leapfrog” forward the digitisation of trade finance with the emergence of blockchain/distributed ledger technology (“DLT”). Recognising that all trade transactions involve payment commitments, a BAFT Working Group produced standardized rules for the transformation of a payment commitment into a digital asset to be used in any trade finance solution sitting on any DLT platform. It published open-sourced business and technical standards for a Distributed Ledger Payment Commitment (“DLPC”), a simple legally binding, enforceable, interoperable, and negotiable financial instrument in digital form. These standards have been used in international trade transactions by Skuchain, a Silicon Valley fintech and, coincidentally, are mirrored in eNotes™ created by Swiss fintech, FQX AG, that are being used in trade finance and a myriad of capital markets transactions. Scott will highlight the main characteristics and benefits of the DLPC, and its potential for growing use as law reform globally is spurring digitalisation, and Sriram and Stephan will illustrate the practical uses of DLPC and eNotes™.


Scott Stevenson is Senior Vice President of #Trade at the Bankers Association for Finance and Trade (BAFT), Scott has responsibility for leading the association’s trade-focused policy, practices, and education initiatives, and provide support its trade-related councils and committees. Before joining BAFT, Scott was the Senior Global Manger, Trade and Supply Chain Solutions at the International Finance Corporation (IFC) the private sector arm of the World Bank Group. He joined the World Bank in Jakarta, Indonesia as a member the Corporate Restructuring and Governance Group that was formed in response to the 1997 Asia Financial Crisis. Prior to the World Bank Group, Scott was with Standard Chartered Bank, where his last position was based in Singapore and he served as the Asia Regional Head for Financial Institutions. Scott has a BA in Economics from Colgate University, and an MBA in International Finance from York University, Toronto, Canada.

Sriram Srinivasan is a passionate entrepreneur looking to bring efficiencies into the Supply Chain. He is the Founder & CEO of Skuchain. He has previously built a company selling risk management solutions to wall street firms, founded an ecommerce startup during the dot-com heyday and played Entrepreneur-In-Residence with a small silicon valley fund. He has been a qualified Captain of ocean going merchant ships, enjoys hackathons and has done the Executive Program at Stanford GSB.

Stephan Meyer, Co-Founder & Co-CEO, FQX wrote the first Swiss PhD dissertation on tokenization, which received the famous Issekutz price. He is leading the blockchain law education program at University of Lucerne, and teaches at ZHAW & HWZ and is attorney and counsel with MME’s crypto team. He is active in international bodies and associations like UCL Centre for Blockchain Technologies and thinkBLOCKtank. Besides tokenization, he is working together with some of the leading DeFi companies on bringing legal governance layers into DAOs.

Wednesday, 26 October 2022

16:00 - 16:45 BST


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  • Scott Stevenson
    Scott Stevenson
    Senior Vice President, Trade
  • Sriram Srinivasan
    Sriram Srinivasan
    Founder and CEO
  • Stephan Meyer
    Stephan Meyer
    Co-Founder & Co-CEO